Pawn Shops and Your Unwanted Jewelry

It seems like everyone wants your old gold
or silver these days. If you are in possession of gold and silver jewelry,
diamonds, or coins, you’ve got some good leverage in case you need some quick
cash. You can be a little choosy when it comes to price with more jewelry
stores and pawn shops in Northern Virginia ready and willing to take it off
your hands. So when it comes to old, unwanted, or valuable jewelry, what is
your best option, a jewelry store or a pawn shop? When you factor in precious
stones like diamonds or high-quality jewelry, a pawn shop will probably be
willing to pay you more.
The Ability to Sell to Jewelers
Pawn shops do sell jewelry in their stores,
and some specialize in jewelry almost to the exclusion of any other type of
item. But where jewelry stores have to wait for you to come in the store and
buy a piece, pawn shops have more flexibility. They can choose to sell a piece
in their store or sell to a jewelry store. Often, jewelry stores will put in
general orders to pawn shops to be on the lookout for specific types of metals,
pieces, and stones like diamonds. When a pawn broker knows he can resell your
stone or ring, he can offer you more for it than a jeweler, who doesn’t have as
much flexibility. If you are shopping for quotes, definitely stop by pawn shops
that specialize in jewelry.
You Can Get a Loan Instead of Selling Your Jewelry
A lot of people say they’re pawning
something when they mean they’re selling it for cash to a pawn shop. The actual
definition of pawning something is to get a loan on the collateral. For
instance, you have your grandfather’s highly desirable pocket watch in your
possession, but you also have a need for some quick cash right now. You know
you can repay the loan within the specified amount of time, but the need for
cash is urgent enough that you can pawn the watch now and get it back later.
The pawn broker will offer you a percentage of the watch’s worth, and if you
agree to the terms, you will repay the loan within a specified amount of time
at the specified interest rate. If you fail to meet the terms, the pawn broker
will then own your grandfather’s watch and can resell it according to his
pleasure. The advantages of pawning an item are that you can prevent overdraft
charges at the bank (which are usually less than the cost of the loan interest)
and you won’t have to worry about your credit being negatively affected. If you
fail to pay back the loan, the worst thing that happens is that the pawn broker
now owns the collateral. When you need small-dollar loans to get you through a
financial hiccup, pawn shops in NorthernVirginia are the best places to turn, as you can’t get this type of loan
from a bank or jewelry store.

2 Comments

  1. December 8, 2013 / 10:26 am

    Congrats Miss Jhenz for the PR2 🙂

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